中国股指期货市场的理念与实践

The Concept and Practice of China's Stock Index Futures Market

与整个金融体系的系统性风险来源多样性有所不同,股指期货市场的系统性风险主要来源是股指的波动因杠杆机制而放大。中国金融期货交易所控制系统性风险的理念是把股票指数价格的大幅波动看作为经常性事件,应构建一套稳健的风险控制体系应对经常发生的较大市场风险,避免大而经常性的风险在金融市场各个子系统之间的传导和连锁反应。风险控制的目标从低到高依次是防止风险传染,防止风险累积与防止风险发生。

Unlike the systemic risk of financial system,which was caused by diverse factors,the systemic risk of stock index futures market is caused by the fluctuation of stock index,which is intensified by leverage mechanism.China Financial Futures Exchange＇s concept of risk control is to treat the fluctuation of stock index prices as frequent events.It should construct a stable risk control system to deal with frequent market risk,and to prevent the transmission and contagion of risks among many subsystems of financial market.The minimum goal of risk control is to prevent the contagion of risks.The higher goal is to prevent the accumulation of risks.And the ultimate goal is to prevent the breakout of risks.